Performance was examined for five cohorts of 1998-2002 Texas public high school graduates through their first year and 1998-2001 cohorts through their fourth year of Texas public higher education. Student performance on college outcomes included (a) first- and fourth-year grade point averages (GPAs), (b) first- and fourth-year credit hours earned, and (c) four-year graduation status. Outcomes were compared across students who varied by three types of AP® (course only, exam only, and both course and exam) and two types of non-AP (dual enrollment only and other course only) experiences in high school. Phase 1 analyses addressed each of seven AP Exams separately. Within each cohort year and within each cohort related to the specific AP Exam, students in the various AP and non-AP groups were matched on ability (ranked SAT® score category) and free or reduced-price lunch (FRPL) participation status. Students in each of the separately analyzed AP English Language and Composition, AP English Literature and Composition, AP Calculus AB, and AP U.S. History course and exam groups, for example, significantly outperformed their respective AP course only, dual enrollment, and other course peers on the GPA, graduation rate, and most credit hours outcomes. Phase 2 analyses aggregated AP course/ exam and non-AP experiences, taking into account SAT score category and FRPL status. Students who took AP courses and exams significantly outperformed students who took AP courses only and other courses only on all outcomes in all years and, in general, exceeded AP Exam only and dual enrollment only group performances on the outcomes. They also graduated from college within four years at consistently higher rates than those in the other groups. Results provide strong evidence of benefits to students who participate in both AP courses and exams in terms of higher GPAs, credit hours earned, and four-year graduation rates. The following are appended: (1) Correspondences Between AP Exams/Courses and Dual Enrollment Courses in Phase 1; and (2) Correspondences Between AP Exams/Courses and Dual Enrollment Courses in Phase 2.